N-Q 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3583

Fidelity Mt. Vernon Street Trust
(Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)

Scott C. Goebel, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:	November 30

Date of reporting period:	August 31, 2012

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity Advisor® 130/30
Large Cap Fund:
Class A
Class T
Class B
Class C
Institutional Class

August 31, 2012

Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity® 130/30
Large Cap Fund

1.859223.104

AFLC-QTLY-1012

Investments August 31, 2012 (Unaudited)

Showing Percentage of Net Assets

LONG STOCK POSITIONS (c) - 132.4%
	Shares		Value
COMMON STOCKS - 130.6%
CONSUMER DISCRETIONARY - 14.3%
Auto Components - 1.1%
Delphi Automotive PLC	3,600		$ 109,044
TRW Automotive Holdings Corp. (a)	2,600		113,646
			222,690
Hotels, Restaurants & Leisure - 3.2%
Brinker International, Inc.	6,200		213,652
Icahn Enterprises LP rights (a)	10,900		0
Ruth's Hospitality Group, Inc. (a)	15,900		97,308
Wyndham Worldwide Corp.	7,100		370,194
			681,154
Household Durables - 0.5%
Jarden Corp.	2,200		106,326
Internet & Catalog Retail - 0.8%
Expedia, Inc.	3,200		164,352
Media - 3.4%
Carmike Cinemas, Inc. (a)	6,400		73,600
CBS Corp. Class B	8,700		316,158
Sirius XM Radio, Inc. (a)	40,800		103,224
Valassis Communications, Inc. (a)	9,000		225,630
			718,612
Specialty Retail - 2.1%
Foot Locker, Inc.	3,100		107,167
Guess?, Inc.	3,200		83,392
TJX Companies, Inc.	4,500		206,055
West Marine, Inc. (a)	5,200		54,080
			450,694
Textiles, Apparel & Luxury Goods - 3.2%
Iconix Brand Group, Inc. (a)	6,200		115,940
PVH Corp.	4,700		441,330
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)	5,100		110,517
			667,787
TOTAL CONSUMER DISCRETIONARY			3,011,615
CONSUMER STAPLES - 13.2%
Beverages - 5.0%
Anheuser-Busch InBev SA NV	7,100		597,340
Constellation Brands, Inc. Class A (sub. vtg.) (a)	13,900		457,866
			1,055,206
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued
CONSUMER STAPLES - continued
Food & Staples Retailing - 2.8%
CVS Caremark Corp.	8,600		$ 391,730
Wal-Mart Stores, Inc.	2,700		196,020
			587,750
Food Products - 1.6%
Dean Foods Co. (a)	6,300		103,446
The J.M. Smucker Co.	1,300		110,461
Tyson Foods, Inc. Class A	7,100		111,186
			325,093
Household Products - 0.5%
Spectrum Brands Holdings, Inc.	2,800		103,124
Personal Products - 1.8%
Elizabeth Arden, Inc. (a)	6,000		279,240
Prestige Brands Holdings, Inc. (a)	6,370		102,302
			381,542
Tobacco - 1.5%
Imperial Tobacco Group PLC	5,605		218,582
Japan Tobacco, Inc.	3,100		93,996
			312,578
TOTAL CONSUMER STAPLES			2,765,293
ENERGY - 15.6%
Energy Equipment & Services - 3.6%
Ensco PLC Class A	1,800		103,266
Helix Energy Solutions Group, Inc. (a)	13,400		236,108
National Oilwell Varco, Inc.	2,900		228,520
Oil States International, Inc. (a)	1,300		101,712
Transocean Ltd. (United States)	1,750		85,803
			755,409
Oil, Gas & Consumable Fuels - 12.0%
Chevron Corp.	5,300		594,448
Energy Partners Ltd. (a)	5,700		98,154
HollyFrontier Corp.	10,284		414,342
Marathon Petroleum Corp.	6,300		326,025
Phillips 66	5,100		214,200
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Tesoro Corp.	10,800		$ 429,192
Valero Energy Corp.	14,500		453,270
			2,529,631
TOTAL ENERGY			3,285,040
FINANCIALS - 18.2%
Commercial Banks - 6.2%
CapitalSource, Inc.	57,800		400,554
Wells Fargo & Co.	26,200		891,586
			1,292,140
Consumer Finance - 3.2%
Capital One Financial Corp.	4,400		248,732
Discover Financial Services	10,900		422,157
			670,889
Diversified Financial Services - 3.5%
JPMorgan Chase & Co.	19,800		735,372
Insurance - 3.9%
Assured Guaranty Ltd.	15,000		198,000
Lincoln National Corp.	4,700		109,134
MetLife, Inc.	12,100		412,973
Montpelier Re Holdings Ltd.	4,700		101,332
			821,439
Real Estate Investment Trusts - 0.5%
Coresite Realty Corp.	3,900		106,041
Real Estate Management & Development - 0.9%
Altisource Portfolio Solutions SA (a)	2,300		193,867
TOTAL FINANCIALS			3,819,748
HEALTH CARE - 17.8%
Biotechnology - 6.7%
Amgen, Inc.	9,400		788,848
PDL BioPharma, Inc.	33,400		245,824
Spectrum Pharmaceuticals, Inc. (a)	17,500		209,300
Threshold Pharmaceuticals, Inc. (a)	6,400		56,384
United Therapeutics Corp. (a)	1,900		102,828
			1,403,184
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued
HEALTH CARE - continued
Health Care Equipment & Supplies - 1.0%
CareFusion Corp. (a)	7,900		$ 207,533
Health Care Providers & Services - 3.8%
Community Health Systems, Inc. (a)	22,100		597,584
Omnicare, Inc.	6,100		197,518
			795,102
Pharmaceuticals - 6.3%
Impax Laboratories, Inc. (a)	4,300		101,781
Jazz Pharmaceuticals PLC (a)	2,300		104,673
Mylan, Inc. (a)	8,800		207,416
Sanofi SA sponsored ADR	15,300		626,535
Warner Chilcott PLC	5,900		80,358
Watson Pharmaceuticals, Inc. (a)	2,500		203,375
			1,324,138
TOTAL HEALTH CARE			3,729,957
INDUSTRIALS - 11.2%
Aerospace & Defense - 3.2%
Ducommun, Inc. (a)	3,600		52,848
Textron, Inc.	23,400		625,248
			678,096
Building Products - 1.1%
A.O. Smith Corp.	2,000		109,420
Owens Corning (a)	3,400		113,424
			222,844
Commercial Services & Supplies - 1.4%
Republic Services, Inc.	6,900		190,785
Unifirst Corp. Massachusetts	1,600		101,616
			292,401
Construction & Engineering - 1.5%
Jacobs Engineering Group, Inc. (a)	2,600		102,804
MasTec, Inc. (a)	5,700		103,968
Quanta Services, Inc. (a)	4,100		98,400
			305,172
Machinery - 2.6%
Ingersoll-Rand PLC	2,500		116,900
Manitowoc Co., Inc.	16,600		213,808
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued
INDUSTRIALS - continued
Machinery - continued
Terex Corp. (a)	5,100		$ 112,557
Valmont Industries, Inc.	800		101,400
			544,665
Professional Services - 0.9%
Equifax, Inc.	2,200		100,716
Kforce, Inc. (a)	7,600		89,072
			189,788
Trading Companies & Distributors - 0.5%
AerCap Holdings NV (a)	8,800		111,320
TOTAL INDUSTRIALS			2,344,286
INFORMATION TECHNOLOGY - 26.1%
Communications Equipment - 1.2%
Brocade Communications Systems, Inc. (a)	43,500		252,300
Computers & Peripherals - 6.5%
Apple, Inc.	700		465,668
Hewlett-Packard Co.	38,500		649,880
Lexmark International, Inc. Class A	11,000		238,810
			1,354,358
Electronic Equipment & Components - 1.4%
Benchmark Electronics, Inc. (a)	3,200		51,360
Flextronics International Ltd. (a)	36,800		247,664
			299,024
Internet Software & Services - 0.2%
Facebook, Inc.:
Class A	700		12,656
Class B (a)(d)	1,558		25,352
			38,008
IT Services - 7.8%
Acxiom Corp. (a)	12,900		220,074
Fidelity National Information Services, Inc.	5,900		185,850
Fiserv, Inc. (a)	1,400		99,834
HiSoft Technology International Ltd. ADR (a)	860		9,761
Teradata Corp. (a)	1,400		106,932
Total System Services, Inc.	8,100		187,758
Visa, Inc. Class A	4,900		628,425
WNS Holdings Ltd. sponsored ADR (a)	20,100		208,638
			1,647,272
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - 4.2%
GT Advanced Technologies, Inc. (a)	20,300		$ 117,740
Micron Technology, Inc. (a)	16,000		99,360
NXP Semiconductors NV (a)	4,400		102,608
Samsung Electronics Co. Ltd.	369		401,289
Skyworks Solutions, Inc. (a)	1,800		54,828
Spansion, Inc. Class A	8,500		97,155
			872,980
Software - 4.8%
Microsoft Corp.	32,700		1,007,813
TOTAL INFORMATION TECHNOLOGY			5,471,755
MATERIALS - 4.7%
Chemicals - 2.4%
Ashland, Inc.	1,500		110,445
Eastman Chemical Co.	1,900		104,994
LyondellBasell Industries NV Class A	2,500		122,100
Sherwin-Williams Co.	400		57,232
Valspar Corp.	2,000		106,680
			501,451
Metals & Mining - 2.3%
Nucor Corp.	5,100		192,015
Reliance Steel & Aluminum Co.	4,000		205,720
Steel Dynamics, Inc.	7,900		96,538
			494,273
TOTAL MATERIALS			995,724
TELECOMMUNICATION SERVICES - 4.3%
Diversified Telecommunication Services - 2.9%
CenturyLink, Inc.	9,400		397,244
Nippon Telegraph & Telephone Corp. sponsored ADR	8,900		205,501
			602,745
Wireless Telecommunication Services - 1.4%
MetroPCS Communications, Inc. (a)	10,600		103,138
Vodafone Group PLC sponsored ADR	6,900		199,548
			302,686
TOTAL TELECOMMUNICATION SERVICES			905,431
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued
UTILITIES - 5.2%
Electric Utilities - 3.1%
NextEra Energy, Inc.	1,400		$ 94,234
Pinnacle West Capital Corp.	4,000		205,480
PNM Resources, Inc.	16,600		341,462
			641,176
Independent Power Producers & Energy Traders - 1.2%
The AES Corp.	23,000		261,970
Multi-Utilities - 0.9%
PG&E Corp.	4,400		191,004
TOTAL UTILITIES			1,094,150
TOTAL COMMON STOCKS (Cost $25,859,196)		27,422,999
NONCONVERTIBLE PREFERRED STOCKS - 1.8%
CONSUMER DISCRETIONARY - 1.8%
Automobiles - 1.8%
Volkswagen AG	2,100		370,850
TOTAL LONG STOCK POSITIONS - 132.4% (Cost $26,229,986)		27,793,849
Money Market Funds - 3.2%

Fidelity Cash Central Fund, 0.17% (b) (Cost $681,197)	681,197		681,197
TOTAL INVESTMENT PORTFOLIO - 135.6% (Cost $26,911,183)			28,475,046
TOTAL SHORT STOCK POSITIONS - (33.8)% (Proceeds $7,174,021)		(7,101,841)
NET OTHER ASSETS (LIABILITIES) - (1.8)%			(369,011)
NET ASSETS - 100%		$ 21,004,194

SHORT STOCK POSITIONS - (33.8)%
	Shares	Value
COMMON STOCKS - (33.8)%
CONSUMER DISCRETIONARY - (5.2)%
Hotels, Restaurants & Leisure - (1.5)%
MGM Mirage, Inc.	(8,500)	$ (83,810)
Morgans Hotel Group Co.	(23,600)	(122,248)
Wynn Resorts Ltd.	(1,000)	(103,170)
		(309,228)
Internet & Catalog Retail - (0.7)%
Netflix, Inc.	(2,500)	(149,300)
Leisure Equipment & Products - (0.5)%
Callaway Golf Co.	(18,400)	(105,800)
Multiline Retail - (0.9)%
Family Dollar Stores, Inc.	(3,000)	(190,920)
Specialty Retail - (0.9)%
Tiffany & Co., Inc.	(3,200)	(198,240)
Textiles, Apparel & Luxury Goods - (0.7)%
K-Swiss, Inc. Class A	(52,200)	(147,726)
TOTAL CONSUMER DISCRETIONARY		(1,101,214)
CONSUMER STAPLES - (1.4)%
Food & Staples Retailing - (0.9)%
PriceSmart, Inc.	(2,700)	(197,478)
Personal Products - (0.5)%
Estee Lauder Companies, Inc. Class A	(1,700)	(101,915)
TOTAL CONSUMER STAPLES		(299,393)
ENERGY - (2.8)%
Oil, Gas & Consumable Fuels - (2.8)%
FX Energy, Inc.	(23,100)	(176,715)
Northern Oil & Gas, Inc.	(8,900)	(145,426)
Rex Energy Corp.	(10,800)	(133,812)
Ultra Petroleum Corp.	(6,900)	(141,864)
		(597,817)
SHORT STOCK POSITIONS - continued
	Shares	Value
COMMON STOCKS - continued
FINANCIALS - (7.2)%
Capital Markets - (1.9)%
LPL Financial	(7,200)	$ (206,424)
T. Rowe Price Group, Inc.	(3,000)	(184,320)
		(390,744)
Commercial Banks - (1.1)%
Valley National Bancorp	(13,060)	(126,682)
Westamerica Bancorp.	(2,100)	(97,755)
		(224,437)
Consumer Finance - (0.5)%
American Express Co.	(1,900)	(110,770)
Insurance - (1.4)%
Kemper Corp.	(3,400)	(104,040)
RLI Corp.	(3,100)	(196,416)
		(300,456)
Real Estate Investment Trusts - (1.4)%
Annaly Capital Management, Inc.	(10,200)	(176,562)
Plum Creek Timber Co., Inc.	(2,800)	(114,604)
		(291,166)
Real Estate Management & Development - (0.9)%
Forestar Group, Inc.	(12,800)	(184,192)
TOTAL FINANCIALS		(1,501,765)
HEALTH CARE - (6.6)%
Biotechnology - (1.0)%
Anacor Pharmaceuticals, Inc.	(16,400)	(100,860)
Dendreon Corp.	(6,800)	(30,532)
Verastem, Inc.	(10,000)	(86,200)
		(217,592)
Health Care Equipment & Supplies - (1.4)%
Becton, Dickinson & Co.	(1,400)	(106,372)
Masimo Corp.	(8,800)	(194,304)
		(300,676)
Health Care Providers & Services - (1.5)%
IPC The Hospitalist Co., Inc.	(4,700)	(207,693)
PSS World Medical, Inc.	(5,000)	(107,950)
		(315,643)
SHORT STOCK POSITIONS - continued
	Shares	Value
COMMON STOCKS - continued
HEALTH CARE - continued
Health Care Technology - (1.4)%
Cerner Corp.	(1,200)	$ (87,768)
Computer Programs & Systems, Inc.	(3,900)	(197,145)
		(284,913)
Life Sciences Tools & Services - (0.4)%
Sequenom, Inc.	(20,200)	(74,134)
Pharmaceuticals - (0.9)%
Bristol-Myers Squibb Co.	(2,700)	(89,127)
Hospira, Inc.	(3,100)	(104,098)
		(193,225)
TOTAL HEALTH CARE		(1,386,183)
INDUSTRIALS - (1.8)%
Air Freight & Logistics - (0.4)%
Expeditors International of Washington, Inc.	(2,200)	(80,542)
Machinery - (0.5)%
SPX Corp.	(1,600)	(102,240)
Trading Companies & Distributors - (0.9)%
Fastenal Co.	(4,300)	(185,287)
TOTAL INDUSTRIALS		(368,069)
INFORMATION TECHNOLOGY - (7.1)%
Communications Equipment - (0.8)%
JDS Uniphase Corp.	(15,100)	(168,969)
Electronic Equipment & Components - (2.6)%
Badger Meter, Inc.	(3,000)	(101,730)
Cognex Corp.	(2,900)	(104,661)
FARO Technologies, Inc.	(5,800)	(228,810)
IPG Photonics Corp.	(1,600)	(98,384)
		(533,585)
Internet Software & Services - (0.3)%
WebMD Health Corp.	(3,900)	(58,266)
SHORT STOCK POSITIONS - continued
	Shares	Value
COMMON STOCKS - continued
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - (2.9)%
Atmel Corp.	(26,100)	$ (154,773)
FormFactor, Inc.	(28,700)	(146,083)
Microchip Technology, Inc.	(2,900)	(100,775)
Power Integrations, Inc.	(2,900)	(100,456)
Tessera Technologies, Inc.	(7,100)	(108,417)
		(610,504)
Software - (0.5)%
Splunk, Inc.	(3,300)	(113,520)
TOTAL INFORMATION TECHNOLOGY		(1,484,844)
MATERIALS - (0.5)%
Chemicals - (0.5)%
Ecolab, Inc.	(1,600)	(102,448)
TELECOMMUNICATION SERVICES - (0.5)%
Wireless Telecommunication Services - (0.5)%
Crown Castle International Corp.	(1,800)	(114,228)
UTILITIES - (0.7)%
Electric Utilities - (0.7)%
Exelon Corp.	(4,000)	(145,880)
TOTAL SHORT STOCK POSITIONS - (33.8)% (Proceeds $7,174,021)		$ (7,101,841)

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $25,352 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Facebook, Inc. Class B	3/31/11 - 5/19/11	$ 38,961

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 538

Other Information

The following is a summary of the inputs used, as of August 31, 2012, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 3,382,465	$ 3,382,465	$ -	$ -
Consumer Staples	2,765,293	2,073,957	691,336	-
Energy	3,285,040	3,285,040	-	-
Financials	3,819,748	3,819,748	-	-
Health Care	3,729,957	3,729,957	-	-
Industrials	2,344,286	2,344,286	-	-
Information Technology	5,471,755	5,446,403	25,352	-
Materials	995,724	995,724	-	-
Telecommunication Services	905,431	905,431	-	-
Utilities	1,094,150	1,094,150	-	-
Money Market Funds	681,197	681,197	-	-
Short Positions	(7,101,841)	(7,101,841)	-	-
Total Investments in Securities:	$ 21,373,205	$ 20,656,517	$ 716,688	$ -

Income Tax Information

At August 31, 2012, the cost of investment securities for income tax purposes was $27,118,350. Net unrealized appreciation aggregated $1,356,696, of which $2,324,917 related to appreciated investment securities and $968,221 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendor or broker to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Long and short positions in equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price (last ask price to value short positions) or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® 130/30
Large Cap Fund

August 31, 2012

1.859201.104

FLC-QTLY-1012

Investments August 31, 2012 (Unaudited)

Showing Percentage of Net Assets

LONG STOCK POSITIONS (c) - 132.4%
	Shares		Value
COMMON STOCKS - 130.6%
CONSUMER DISCRETIONARY - 14.3%
Auto Components - 1.1%
Delphi Automotive PLC	3,600		$ 109,044
TRW Automotive Holdings Corp. (a)	2,600		113,646
			222,690
Hotels, Restaurants & Leisure - 3.2%
Brinker International, Inc.	6,200		213,652
Icahn Enterprises LP rights (a)	10,900		0
Ruth's Hospitality Group, Inc. (a)	15,900		97,308
Wyndham Worldwide Corp.	7,100		370,194
			681,154
Household Durables - 0.5%
Jarden Corp.	2,200		106,326
Internet & Catalog Retail - 0.8%
Expedia, Inc.	3,200		164,352
Media - 3.4%
Carmike Cinemas, Inc. (a)	6,400		73,600
CBS Corp. Class B	8,700		316,158
Sirius XM Radio, Inc. (a)	40,800		103,224
Valassis Communications, Inc. (a)	9,000		225,630
			718,612
Specialty Retail - 2.1%
Foot Locker, Inc.	3,100		107,167
Guess?, Inc.	3,200		83,392
TJX Companies, Inc.	4,500		206,055
West Marine, Inc. (a)	5,200		54,080
			450,694
Textiles, Apparel & Luxury Goods - 3.2%
Iconix Brand Group, Inc. (a)	6,200		115,940
PVH Corp.	4,700		441,330
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)	5,100		110,517
			667,787
TOTAL CONSUMER DISCRETIONARY			3,011,615
CONSUMER STAPLES - 13.2%
Beverages - 5.0%
Anheuser-Busch InBev SA NV	7,100		597,340
Constellation Brands, Inc. Class A (sub. vtg.) (a)	13,900		457,866
			1,055,206
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued
CONSUMER STAPLES - continued
Food & Staples Retailing - 2.8%
CVS Caremark Corp.	8,600		$ 391,730
Wal-Mart Stores, Inc.	2,700		196,020
			587,750
Food Products - 1.6%
Dean Foods Co. (a)	6,300		103,446
The J.M. Smucker Co.	1,300		110,461
Tyson Foods, Inc. Class A	7,100		111,186
			325,093
Household Products - 0.5%
Spectrum Brands Holdings, Inc.	2,800		103,124
Personal Products - 1.8%
Elizabeth Arden, Inc. (a)	6,000		279,240
Prestige Brands Holdings, Inc. (a)	6,370		102,302
			381,542
Tobacco - 1.5%
Imperial Tobacco Group PLC	5,605		218,582
Japan Tobacco, Inc.	3,100		93,996
			312,578
TOTAL CONSUMER STAPLES			2,765,293
ENERGY - 15.6%
Energy Equipment & Services - 3.6%
Ensco PLC Class A	1,800		103,266
Helix Energy Solutions Group, Inc. (a)	13,400		236,108
National Oilwell Varco, Inc.	2,900		228,520
Oil States International, Inc. (a)	1,300		101,712
Transocean Ltd. (United States)	1,750		85,803
			755,409
Oil, Gas & Consumable Fuels - 12.0%
Chevron Corp.	5,300		594,448
Energy Partners Ltd. (a)	5,700		98,154
HollyFrontier Corp.	10,284		414,342
Marathon Petroleum Corp.	6,300		326,025
Phillips 66	5,100		214,200
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Tesoro Corp.	10,800		$ 429,192
Valero Energy Corp.	14,500		453,270
			2,529,631
TOTAL ENERGY			3,285,040
FINANCIALS - 18.2%
Commercial Banks - 6.2%
CapitalSource, Inc.	57,800		400,554
Wells Fargo & Co.	26,200		891,586
			1,292,140
Consumer Finance - 3.2%
Capital One Financial Corp.	4,400		248,732
Discover Financial Services	10,900		422,157
			670,889
Diversified Financial Services - 3.5%
JPMorgan Chase & Co.	19,800		735,372
Insurance - 3.9%
Assured Guaranty Ltd.	15,000		198,000
Lincoln National Corp.	4,700		109,134
MetLife, Inc.	12,100		412,973
Montpelier Re Holdings Ltd.	4,700		101,332
			821,439
Real Estate Investment Trusts - 0.5%
Coresite Realty Corp.	3,900		106,041
Real Estate Management & Development - 0.9%
Altisource Portfolio Solutions SA (a)	2,300		193,867
TOTAL FINANCIALS			3,819,748
HEALTH CARE - 17.8%
Biotechnology - 6.7%
Amgen, Inc.	9,400		788,848
PDL BioPharma, Inc.	33,400		245,824
Spectrum Pharmaceuticals, Inc. (a)	17,500		209,300
Threshold Pharmaceuticals, Inc. (a)	6,400		56,384
United Therapeutics Corp. (a)	1,900		102,828
			1,403,184
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued
HEALTH CARE - continued
Health Care Equipment & Supplies - 1.0%
CareFusion Corp. (a)	7,900		$ 207,533
Health Care Providers & Services - 3.8%
Community Health Systems, Inc. (a)	22,100		597,584
Omnicare, Inc.	6,100		197,518
			795,102
Pharmaceuticals - 6.3%
Impax Laboratories, Inc. (a)	4,300		101,781
Jazz Pharmaceuticals PLC (a)	2,300		104,673
Mylan, Inc. (a)	8,800		207,416
Sanofi SA sponsored ADR	15,300		626,535
Warner Chilcott PLC	5,900		80,358
Watson Pharmaceuticals, Inc. (a)	2,500		203,375
			1,324,138
TOTAL HEALTH CARE			3,729,957
INDUSTRIALS - 11.2%
Aerospace & Defense - 3.2%
Ducommun, Inc. (a)	3,600		52,848
Textron, Inc.	23,400		625,248
			678,096
Building Products - 1.1%
A.O. Smith Corp.	2,000		109,420
Owens Corning (a)	3,400		113,424
			222,844
Commercial Services & Supplies - 1.4%
Republic Services, Inc.	6,900		190,785
Unifirst Corp. Massachusetts	1,600		101,616
			292,401
Construction & Engineering - 1.5%
Jacobs Engineering Group, Inc. (a)	2,600		102,804
MasTec, Inc. (a)	5,700		103,968
Quanta Services, Inc. (a)	4,100		98,400
			305,172
Machinery - 2.6%
Ingersoll-Rand PLC	2,500		116,900
Manitowoc Co., Inc.	16,600		213,808
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued
INDUSTRIALS - continued
Machinery - continued
Terex Corp. (a)	5,100		$ 112,557
Valmont Industries, Inc.	800		101,400
			544,665
Professional Services - 0.9%
Equifax, Inc.	2,200		100,716
Kforce, Inc. (a)	7,600		89,072
			189,788
Trading Companies & Distributors - 0.5%
AerCap Holdings NV (a)	8,800		111,320
TOTAL INDUSTRIALS			2,344,286
INFORMATION TECHNOLOGY - 26.1%
Communications Equipment - 1.2%
Brocade Communications Systems, Inc. (a)	43,500		252,300
Computers & Peripherals - 6.5%
Apple, Inc.	700		465,668
Hewlett-Packard Co.	38,500		649,880
Lexmark International, Inc. Class A	11,000		238,810
			1,354,358
Electronic Equipment & Components - 1.4%
Benchmark Electronics, Inc. (a)	3,200		51,360
Flextronics International Ltd. (a)	36,800		247,664
			299,024
Internet Software & Services - 0.2%
Facebook, Inc.:
Class A	700		12,656
Class B (a)(d)	1,558		25,352
			38,008
IT Services - 7.8%
Acxiom Corp. (a)	12,900		220,074
Fidelity National Information Services, Inc.	5,900		185,850
Fiserv, Inc. (a)	1,400		99,834
HiSoft Technology International Ltd. ADR (a)	860		9,761
Teradata Corp. (a)	1,400		106,932
Total System Services, Inc.	8,100		187,758
Visa, Inc. Class A	4,900		628,425
WNS Holdings Ltd. sponsored ADR (a)	20,100		208,638
			1,647,272
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - 4.2%
GT Advanced Technologies, Inc. (a)	20,300		$ 117,740
Micron Technology, Inc. (a)	16,000		99,360
NXP Semiconductors NV (a)	4,400		102,608
Samsung Electronics Co. Ltd.	369		401,289
Skyworks Solutions, Inc. (a)	1,800		54,828
Spansion, Inc. Class A	8,500		97,155
			872,980
Software - 4.8%
Microsoft Corp.	32,700		1,007,813
TOTAL INFORMATION TECHNOLOGY			5,471,755
MATERIALS - 4.7%
Chemicals - 2.4%
Ashland, Inc.	1,500		110,445
Eastman Chemical Co.	1,900		104,994
LyondellBasell Industries NV Class A	2,500		122,100
Sherwin-Williams Co.	400		57,232
Valspar Corp.	2,000		106,680
			501,451
Metals & Mining - 2.3%
Nucor Corp.	5,100		192,015
Reliance Steel & Aluminum Co.	4,000		205,720
Steel Dynamics, Inc.	7,900		96,538
			494,273
TOTAL MATERIALS			995,724
TELECOMMUNICATION SERVICES - 4.3%
Diversified Telecommunication Services - 2.9%
CenturyLink, Inc.	9,400		397,244
Nippon Telegraph & Telephone Corp. sponsored ADR	8,900		205,501
			602,745
Wireless Telecommunication Services - 1.4%
MetroPCS Communications, Inc. (a)	10,600		103,138
Vodafone Group PLC sponsored ADR	6,900		199,548
			302,686
TOTAL TELECOMMUNICATION SERVICES			905,431
LONG STOCK POSITIONS (c) - continued
	Shares		Value
COMMON STOCKS - continued
UTILITIES - 5.2%
Electric Utilities - 3.1%
NextEra Energy, Inc.	1,400		$ 94,234
Pinnacle West Capital Corp.	4,000		205,480
PNM Resources, Inc.	16,600		341,462
			641,176
Independent Power Producers & Energy Traders - 1.2%
The AES Corp.	23,000		261,970
Multi-Utilities - 0.9%
PG&E Corp.	4,400		191,004
TOTAL UTILITIES			1,094,150
TOTAL COMMON STOCKS (Cost $25,859,196)		27,422,999
NONCONVERTIBLE PREFERRED STOCKS - 1.8%
CONSUMER DISCRETIONARY - 1.8%
Automobiles - 1.8%
Volkswagen AG	2,100		370,850
TOTAL LONG STOCK POSITIONS - 132.4% (Cost $26,229,986)		27,793,849
Money Market Funds - 3.2%

Fidelity Cash Central Fund, 0.17% (b) (Cost $681,197)	681,197		681,197
TOTAL INVESTMENT PORTFOLIO - 135.6% (Cost $26,911,183)			28,475,046
TOTAL SHORT STOCK POSITIONS - (33.8)% (Proceeds $7,174,021)		(7,101,841)
NET OTHER ASSETS (LIABILITIES) - (1.8)%			(369,011)
NET ASSETS - 100%		$ 21,004,194

SHORT STOCK POSITIONS - (33.8)%
	Shares	Value
COMMON STOCKS - (33.8)%
CONSUMER DISCRETIONARY - (5.2)%
Hotels, Restaurants & Leisure - (1.5)%
MGM Mirage, Inc.	(8,500)	$ (83,810)
Morgans Hotel Group Co.	(23,600)	(122,248)
Wynn Resorts Ltd.	(1,000)	(103,170)
		(309,228)
Internet & Catalog Retail - (0.7)%
Netflix, Inc.	(2,500)	(149,300)
Leisure Equipment & Products - (0.5)%
Callaway Golf Co.	(18,400)	(105,800)
Multiline Retail - (0.9)%
Family Dollar Stores, Inc.	(3,000)	(190,920)
Specialty Retail - (0.9)%
Tiffany & Co., Inc.	(3,200)	(198,240)
Textiles, Apparel & Luxury Goods - (0.7)%
K-Swiss, Inc. Class A	(52,200)	(147,726)
TOTAL CONSUMER DISCRETIONARY		(1,101,214)
CONSUMER STAPLES - (1.4)%
Food & Staples Retailing - (0.9)%
PriceSmart, Inc.	(2,700)	(197,478)
Personal Products - (0.5)%
Estee Lauder Companies, Inc. Class A	(1,700)	(101,915)
TOTAL CONSUMER STAPLES		(299,393)
ENERGY - (2.8)%
Oil, Gas & Consumable Fuels - (2.8)%
FX Energy, Inc.	(23,100)	(176,715)
Northern Oil & Gas, Inc.	(8,900)	(145,426)
Rex Energy Corp.	(10,800)	(133,812)
Ultra Petroleum Corp.	(6,900)	(141,864)
		(597,817)
SHORT STOCK POSITIONS - continued
	Shares	Value
COMMON STOCKS - continued
FINANCIALS - (7.2)%
Capital Markets - (1.9)%
LPL Financial	(7,200)	$ (206,424)
T. Rowe Price Group, Inc.	(3,000)	(184,320)
		(390,744)
Commercial Banks - (1.1)%
Valley National Bancorp	(13,060)	(126,682)
Westamerica Bancorp.	(2,100)	(97,755)
		(224,437)
Consumer Finance - (0.5)%
American Express Co.	(1,900)	(110,770)
Insurance - (1.4)%
Kemper Corp.	(3,400)	(104,040)
RLI Corp.	(3,100)	(196,416)
		(300,456)
Real Estate Investment Trusts - (1.4)%
Annaly Capital Management, Inc.	(10,200)	(176,562)
Plum Creek Timber Co., Inc.	(2,800)	(114,604)
		(291,166)
Real Estate Management & Development - (0.9)%
Forestar Group, Inc.	(12,800)	(184,192)
TOTAL FINANCIALS		(1,501,765)
HEALTH CARE - (6.6)%
Biotechnology - (1.0)%
Anacor Pharmaceuticals, Inc.	(16,400)	(100,860)
Dendreon Corp.	(6,800)	(30,532)
Verastem, Inc.	(10,000)	(86,200)
		(217,592)
Health Care Equipment & Supplies - (1.4)%
Becton, Dickinson & Co.	(1,400)	(106,372)
Masimo Corp.	(8,800)	(194,304)
		(300,676)
Health Care Providers & Services - (1.5)%
IPC The Hospitalist Co., Inc.	(4,700)	(207,693)
PSS World Medical, Inc.	(5,000)	(107,950)
		(315,643)
SHORT STOCK POSITIONS - continued
	Shares	Value
COMMON STOCKS - continued
HEALTH CARE - continued
Health Care Technology - (1.4)%
Cerner Corp.	(1,200)	$ (87,768)
Computer Programs & Systems, Inc.	(3,900)	(197,145)
		(284,913)
Life Sciences Tools & Services - (0.4)%
Sequenom, Inc.	(20,200)	(74,134)
Pharmaceuticals - (0.9)%
Bristol-Myers Squibb Co.	(2,700)	(89,127)
Hospira, Inc.	(3,100)	(104,098)
		(193,225)
TOTAL HEALTH CARE		(1,386,183)
INDUSTRIALS - (1.8)%
Air Freight & Logistics - (0.4)%
Expeditors International of Washington, Inc.	(2,200)	(80,542)
Machinery - (0.5)%
SPX Corp.	(1,600)	(102,240)
Trading Companies & Distributors - (0.9)%
Fastenal Co.	(4,300)	(185,287)
TOTAL INDUSTRIALS		(368,069)
INFORMATION TECHNOLOGY - (7.1)%
Communications Equipment - (0.8)%
JDS Uniphase Corp.	(15,100)	(168,969)
Electronic Equipment & Components - (2.6)%
Badger Meter, Inc.	(3,000)	(101,730)
Cognex Corp.	(2,900)	(104,661)
FARO Technologies, Inc.	(5,800)	(228,810)
IPG Photonics Corp.	(1,600)	(98,384)
		(533,585)
Internet Software & Services - (0.3)%
WebMD Health Corp.	(3,900)	(58,266)
SHORT STOCK POSITIONS - continued
	Shares	Value
COMMON STOCKS - continued
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - (2.9)%
Atmel Corp.	(26,100)	$ (154,773)
FormFactor, Inc.	(28,700)	(146,083)
Microchip Technology, Inc.	(2,900)	(100,775)
Power Integrations, Inc.	(2,900)	(100,456)
Tessera Technologies, Inc.	(7,100)	(108,417)
		(610,504)
Software - (0.5)%
Splunk, Inc.	(3,300)	(113,520)
TOTAL INFORMATION TECHNOLOGY		(1,484,844)
MATERIALS - (0.5)%
Chemicals - (0.5)%
Ecolab, Inc.	(1,600)	(102,448)
TELECOMMUNICATION SERVICES - (0.5)%
Wireless Telecommunication Services - (0.5)%
Crown Castle International Corp.	(1,800)	(114,228)
UTILITIES - (0.7)%
Electric Utilities - (0.7)%
Exelon Corp.	(4,000)	(145,880)
TOTAL SHORT STOCK POSITIONS - (33.8)% (Proceeds $7,174,021)		$ (7,101,841)

Legend

(a) Non-income producing

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Facebook, Inc. Class B	3/31/11 - 5/19/11	$ 38,961

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 538

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 3,382,465	$ 3,382,465	$ -	$ -
Consumer Staples	2,765,293	2,073,957	691,336	-
Energy	3,285,040	3,285,040	-	-
Financials	3,819,748	3,819,748	-	-
Health Care	3,729,957	3,729,957	-	-
Industrials	2,344,286	2,344,286	-	-
Information Technology	5,471,755	5,446,403	25,352	-
Materials	995,724	995,724	-	-
Telecommunication Services	905,431	905,431	-	-
Utilities	1,094,150	1,094,150	-	-
Money Market Funds	681,197	681,197	-	-
Short Positions	(7,101,841)	(7,101,841)	-	-
Total Investments in Securities:	$ 21,373,205	$ 20,656,517	$ 716,688	$ -

Income Tax Information

Investment Valuation

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Quarterly Report

see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Growth Company Fund

August 31, 2012

1.805820.108

GCF-QTLY-1012

Investments August 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 16.1%
Automobiles - 0.1%
Ford Motor Co.	3,245,000		$ 30,308
General Motors Co. (a)	22,800		487
Tesla Motors, Inc. (a)	669,858		19,104
			49,899
Diversified Consumer Services - 0.1%
K12, Inc. (a)(d)(e)	2,010,000		42,311
Hotels, Restaurants & Leisure - 3.3%
Arcos Dorados Holdings, Inc.	2,114,900		27,938
Buffalo Wild Wings, Inc. (a)	719,900		55,274
Chipotle Mexican Grill, Inc. (a)	471,000		135,949
Chuys Holdings, Inc. (e)	1,504,342		31,020
Dunkin' Brands Group, Inc.	2,903,340		84,574
Home Inns & Hotels Management, Inc. sponsored ADR (a)(d)(e)	2,775,000		63,992
Hyatt Hotels Corp. Class A (a)	1,948,440		73,904
Las Vegas Sands Corp.	975,000		41,330
McDonald's Corp.	3,075,000		275,182
Panera Bread Co. Class A (a)	875,000		135,538
Starbucks Corp.	6,298,400		312,464
Starwood Hotels & Resorts Worldwide, Inc.	1,445,000		79,663
Yum! Brands, Inc.	1,910,000		121,705
			1,438,533
Household Durables - 1.8%
Gafisa SA sponsored ADR (d)	1,570,000		6,453
Lennar Corp. Class A (d)(e)	12,900,077		418,349
SodaStream International Ltd. (a)(d)(e)	1,976,272		76,264
Tempur-Pedic International, Inc. (a)	820,000		25,617
Toll Brothers, Inc. (a)	8,249,050		269,909
			796,592
Internet & Catalog Retail - 1.6%
Amazon.com, Inc. (a)	2,386,000		592,277
Groupon, Inc. Class A (a)(d)	42,790		178
Kayak Software Corp.	43,400		1,185
Netflix, Inc. (a)(d)	71,000		4,240
Priceline.com, Inc. (a)	180,000		108,823
			706,703
Media - 1.0%
Comcast Corp. Class A	5,857,500		196,402
Lions Gate Entertainment Corp. (a)(d)	4,089,992		60,450
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Media - continued
Pandora Media, Inc. (a)(d)(e)	9,979,469		$ 119,654
Time Warner, Inc.	1,025,650		42,616
			419,122
Multiline Retail - 1.2%
Dollar Tree, Inc. (a)	1,125,000		54,191
JCPenney Co., Inc. (d)	10,760,000		280,621
Nordstrom, Inc.	800,000		46,264
Target Corp.	2,485,000		159,264
			540,340
Specialty Retail - 2.1%
Abercrombie & Fitch Co. Class A	1,660,000		59,743
AutoNation, Inc. (a)(d)	1,050,000		42,210
Bed Bath & Beyond, Inc. (a)	1,300,000		87,321
CarMax, Inc. (a)	1,275,000		39,002
Five Below, Inc.	188,900		6,071
Francescas Holdings Corp. (a)(d)(e)	3,718,379		131,370
Home Depot, Inc.	5,470,000		310,423
Limited Brands, Inc.	1,460,000		70,956
Lumber Liquidators Holdings, Inc. (a)(d)(e)	2,760,167		128,789
Tiffany & Co., Inc.	225,000		13,939
Urban Outfitters, Inc. (a)	240,000		9,010
			898,834
Textiles, Apparel & Luxury Goods - 4.9%
Coach, Inc.	907,200		52,736
Fifth & Pacific Companies, Inc. (a)(e)	6,740,000		89,305
Fossil, Inc. (a)(e)	5,888,744		500,249
lululemon athletica, Inc. (a)(d)(e)	12,117,100		789,914
Michael Kors Holdings Ltd.	6,472,493		349,191
NIKE, Inc. Class B	1,719,000		167,362
Prada SpA	9,904,300		76,300
Under Armour, Inc. Class A (sub. vtg.) (a)	740,000		43,075
VF Corp.	320,000		48,858
			2,116,990
TOTAL CONSUMER DISCRETIONARY			7,009,324
CONSUMER STAPLES - 10.3%
Beverages - 2.3%
Beam, Inc.	1,460,000		85,206
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Beverages - continued
Dr Pepper Snapple Group, Inc.	655,000		$ 29,351
Monster Beverage Corp. (a)	2,885,000		170,013
PepsiCo, Inc.	2,501,640		181,194
The Coca-Cola Co.	14,320,000		535,568
			1,001,332
Food & Staples Retailing - 2.4%
Costco Wholesale Corp.	1,795,800		175,755
Drogasil SA	3,281,873		34,712
Fresh Market, Inc. (a)(d)(e)	2,448,468		141,326
Wal-Mart Stores, Inc.	7,140,300		518,386
Whole Foods Market, Inc.	1,580,000		152,865
			1,023,044
Food Products - 1.1%
DE Master Blenders 1753 NV (a)	685,000		8,068
General Mills, Inc.	1,115,600		43,877
Green Mountain Coffee Roasters, Inc. (a)(d)	4,446,337		108,090
Hillshire Brands Co.	137,000		3,572
Kellogg Co.	965,000		48,877
Kraft Foods, Inc. Class A	585,000		24,295
Mead Johnson Nutrition Co. Class A	1,821,800		133,593
Smithfield Foods, Inc. (a)	1,615,000		31,202
The Hershey Co.	815,000		58,533
Tyson Foods, Inc. Class A	1,600,000		25,056
			485,163
Household Products - 0.9%
Church & Dwight Co., Inc.	2,660,000		145,608
Colgate-Palmolive Co.	1,230,000		130,761
Kimberly-Clark Corp.	670,000		56,012
Procter & Gamble Co.	1,169,483		78,578
			410,959
Personal Products - 1.4%
Avon Products, Inc.	1,158,615		17,901
Herbalife Ltd. (e)	11,000,210		532,300
Nu Skin Enterprises, Inc. Class A	1,180,000		48,958
			599,159
Tobacco - 2.2%
Altria Group, Inc.	6,180,380		209,886
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Tobacco - continued
Lorillard, Inc.	860,000		$ 107,939
Philip Morris International, Inc.	7,320,380		653,710
			971,535
TOTAL CONSUMER STAPLES			4,491,192
ENERGY - 4.6%
Energy Equipment & Services - 1.3%
Carbo Ceramics, Inc. (d)	175,000		12,317
FMC Technologies, Inc. (a)	1,850,000		86,654
Halliburton Co.	3,150,000		103,194
Schlumberger Ltd.	4,774,600		345,586
			547,751
Oil, Gas & Consumable Fuels - 3.3%
Anadarko Petroleum Corp.	2,292,594		158,808
Apache Corp.	780,000		66,885
Chesapeake Energy Corp. (d)	1,905,000		36,862
Cobalt International Energy, Inc. (a)	70,900		1,610
Concho Resources, Inc. (a)	1,205,000		108,137
Continental Resources, Inc. (a)	1,455,000		107,757
Devon Energy Corp.	880,000		50,890
EOG Resources, Inc.	1,070,000		115,881
Hess Corp.	660,000		33,350
Noble Energy, Inc.	455,356		40,026
Occidental Petroleum Corp.	3,105,000		263,956
Peabody Energy Corp.	570,000		12,329
Pioneer Natural Resources Co.	1,385,000		134,844
Plains Exploration & Production Co. (a)	4,010,000		157,673
Range Resources Corp.	1,158,689		75,535
Southwestern Energy Co. (a)	97,461		3,034
Valero Energy Corp.	2,840,000		88,778
			1,456,355
TOTAL ENERGY			2,004,106
FINANCIALS - 4.7%
Capital Markets - 0.4%
Charles Schwab Corp.	5,404,975		72,913
Franklin Resources, Inc.	45,000		5,283
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Capital Markets - continued
ICG Group, Inc. (a)(e)	3,775,000		$ 34,428
T. Rowe Price Group, Inc.	915,000		56,218
			168,842
Commercial Banks - 1.0%
Banco Bradesco SA (PN) sponsored ADR	4,415,000		72,494
HDFC Bank Ltd. sponsored ADR	2,770,000		93,017
ICICI Bank Ltd. sponsored ADR	1,205,000		39,199
Itau Unibanco Banco Multiplo SA sponsored ADR	1,525,000		24,110
PrivateBancorp, Inc. (e)	4,067,500		66,300
Signature Bank (a)	606,885		39,223
Wells Fargo & Co.	2,752,300		93,661
			428,004
Consumer Finance - 2.2%
American Express Co.	1,832,548		106,838
Discover Financial Services	22,025,444		853,045
			959,883
Diversified Financial Services - 1.0%
Bank of America Corp.	6,175,000		49,338
BM&F Bovespa SA	23,879,772		126,463
Citigroup, Inc.	1,497,380		44,487
JPMorgan Chase & Co.	6,180,000		229,525
			449,813
Real Estate Management & Development - 0.1%
The St. Joe Co. (a)(d)	3,030,135		58,088
TOTAL FINANCIALS			2,064,630
HEALTH CARE - 15.8%
Biotechnology - 10.4%
Acadia Pharmaceuticals, Inc. (a)(d)	1,064,844		1,895
Alexion Pharmaceuticals, Inc. (a)	6,474,060		694,084
Alkermes PLC (a)(e)	13,008,514		238,706
Alnylam Pharmaceuticals, Inc. (a)(e)	3,827,350		70,002
Amgen, Inc.	2,658,300		223,085
Array Biopharma, Inc. (a)	2,403,770		13,317
AVEO Pharmaceuticals, Inc. (a)	680,600		6,527
Biogen Idec, Inc. (a)	1,825,000		267,527
Celgene Corp. (a)	1,146,744		82,611
Cepheid, Inc. (a)(e)	5,732,555		216,347
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
Clovis Oncology, Inc. (d)(e)	1,372,700		$ 24,009
Exelixis, Inc. (a)(d)(e)	17,295,081		76,617
Gilead Sciences, Inc. (a)	3,975,000		229,318
Halozyme Therapeutics, Inc. (a)	1,890,000		10,962
ImmunoGen, Inc. (a)(d)(e)	8,344,020		120,070
Immunomedics, Inc. (a)(d)(e)	7,526,150		25,363
Incyte Corp. (a)(d)	695,000		13,907
InterMune, Inc. (a)(d)	2,248,117		16,569
Ironwood Pharmaceuticals, Inc. Class A (a)	3,735,000		46,800
Isis Pharmaceuticals, Inc. (a)(e)	10,016,251		136,321
Lexicon Pharmaceuticals, Inc. (a)(e)	48,176,503		107,915
Merrimack Pharmaceuticals, Inc. (d)	1,221,296		9,722
Merrimack Pharmaceuticals, Inc. (g)	1,428,572		10,234
Metabolix, Inc. (a)(d)(e)	2,565,799		4,285
Momenta Pharmaceuticals, Inc. (a)(d)	1,655,000		23,352
NPS Pharmaceuticals, Inc. (a)(e)	7,588,984		57,828
Regeneron Pharmaceuticals, Inc. (a)(e)	8,456,613		1,252,002
Rigel Pharmaceuticals, Inc. (a)(e)	6,622,416		61,721
Seattle Genetics, Inc. (a)(d)(e)	11,502,629		305,280
Synageva BioPharma Corp. (a)	475,000		23,731
Transition Therapeutics, Inc. (a)(e)	2,332,446		5,598
Vertex Pharmaceuticals, Inc. (a)	3,009,767		160,511
			4,536,216
Health Care Equipment & Supplies - 0.8%
Align Technology, Inc. (a)	715,000		24,274
Baxter International, Inc.	1,630,000		95,648
DexCom, Inc. (a)	380,000		5,054
Edwards Lifesciences Corp. (a)	810,000		82,709
Genmark Diagnostics, Inc. (a)	1,266,968		9,540
Insulet Corp. (a)(e)	3,856,400		80,869
Medtronic, Inc.	604,964		24,598
St. Jude Medical, Inc.	834,200		31,499
			354,191
Health Care Providers & Services - 1.1%
Cardinal Health, Inc.	485,000		19,182
Catamaran Corp. (a)	3,183,664		276,332
Express Scripts Holding Co. (a)	496,303		31,078
McKesson Corp.	1,780,000		155,056
UnitedHealth Group, Inc.	176,400		9,579
			491,227
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Technology - 0.1%
athenahealth, Inc. (a)(d)	655,000		$ 57,882
Cerner Corp. (a)	20,000		1,463
			59,345
Pharmaceuticals - 3.4%
Abbott Laboratories	1,861,500		122,003
Allergan, Inc.	2,140,000		184,318
Bristol-Myers Squibb Co.	3,668,700		121,104
Concert Pharmaceuticals, Inc. (a)(g)	186,198		151
Elan Corp. PLC sponsored ADR (a)(e)	38,594,070		438,429
Endocyte, Inc. (a)(d)	511,041		4,901
Hospira, Inc. (a)	2,025,000		68,000
Johnson & Johnson	83,300		5,617
MAP Pharmaceuticals, Inc. (a)(d)(e)	3,453,443		46,414
Questcor Pharmaceuticals, Inc. (a)(d)	2,077,600		90,251
Teva Pharmaceutical Industries Ltd. sponsored ADR	705,000		27,904
Valeant Pharmaceuticals International, Inc. (Canada) (a)	6,572,261		336,497
Watson Pharmaceuticals, Inc. (a)	280,000		22,778
			1,468,367
TOTAL HEALTH CARE			6,909,346
INDUSTRIALS - 6.2%
Aerospace & Defense - 1.5%
Honeywell International, Inc.	1,870,000		109,302
Lockheed Martin Corp.	1,040,100		94,795
The Boeing Co.	1,519,800		108,514
United Technologies Corp.	4,225,000		337,366
			649,977
Air Freight & Logistics - 0.6%
United Parcel Service, Inc. Class B	3,724,000		274,868
Airlines - 0.7%
Delta Air Lines, Inc. (a)	1,790,000		15,484
JetBlue Airways Corp. (a)(d)(e)	18,434,923		90,331
Ryanair Holdings PLC sponsored ADR (a)	940,000		29,178
Southwest Airlines Co.	5,553,515		49,648
United Continental Holdings, Inc. (a)	7,115,000		131,272
			315,913
Construction & Engineering - 0.1%
Fluor Corp.	455,000		23,433
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Electrical Equipment - 0.4%
Emerson Electric Co.	2,065,000		$ 104,737
Rockwell Automation, Inc.	1,160,000		83,590
			188,327
Industrial Conglomerates - 0.6%
3M Co.	1,280,000		118,528
Danaher Corp.	2,505,000		134,193
			252,721
Machinery - 1.3%
Caterpillar, Inc.	3,560,000		303,775
Cummins, Inc.	1,760,000		170,914
Deere & Co.	915,000		68,726
Rexnord Corp. (d)	587,500		8,842
Westport Innovations, Inc. (a)(d)	693,000		24,401
			576,658
Road & Rail - 1.0%
CSX Corp.	4,780,000		107,359
Norfolk Southern Corp.	665,000		48,186
Union Pacific Corp.	2,315,000		281,134
			436,679
TOTAL INDUSTRIALS			2,718,576
INFORMATION TECHNOLOGY - 38.1%
Communications Equipment - 2.6%
Aruba Networks, Inc. (a)(d)	1,123,031		22,068
F5 Networks, Inc. (a)	405,000		39,483
Infinera Corp. (a)(d)(e)	10,323,181		58,636
Juniper Networks, Inc. (a)	460,000		8,022
Motorola Solutions, Inc.	485,000		23,115
Palo Alto Networks, Inc.	216,800		13,958
QUALCOMM, Inc.	11,748,400		722,057
Riverbed Technology, Inc. (a)(e)	12,826,890		256,410
			1,143,749
Computers & Peripherals - 10.0%
Apple, Inc.	6,080,959		4,045,278
Fusion-io, Inc. (a)(d)(e)	9,140,853		256,127
Hewlett-Packard Co.	960,000		16,205
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - continued
NetApp, Inc. (a)	1,059,686		$ 36,580
Silicon Graphics International Corp. (a)(d)(e)	3,097,456		26,452
			4,380,642
Electronic Equipment & Components - 0.4%
Corning, Inc.	1,103,000		13,225
Trimble Navigation Ltd. (a)	495,000		24,280
Universal Display Corp. (a)(d)(e)	3,595,914		145,167
			182,672
Internet Software & Services - 5.7%
Akamai Technologies, Inc. (a)	1,600,000		60,016
Baidu.com, Inc. sponsored ADR (a)	2,270,000		252,969
Dropbox, Inc. (g)	1,105,082		10,000
eBay, Inc. (a)	5,167,200		245,287
Facebook, Inc.:
Class A (d)	2,288,700		41,380
Class B (a)(g)	1,758,114		28,608
Google, Inc. Class A (a)	2,197,448		1,505,450
LinkedIn Corp. (a)	110,000		11,803
Mail.ru Group Ltd. GDR (f)	1,577,600		51,698
MercadoLibre, Inc.	350,000		27,853
Rackspace Hosting, Inc. (a)	2,825,000		169,444
SINA Corp. (a)(d)	310,000		17,391
Yandex NV (a)	895,000		18,902
YouKu.com, Inc. ADR (a)(d)	1,670,000		28,039
			2,468,840
IT Services - 3.5%
Cognizant Technology Solutions Corp. Class A (a)	1,734,716		111,508
IBM Corp.	3,059,800		596,202
MasterCard, Inc. Class A	837,000		353,967
Teradata Corp. (a)	1,040,000		79,435
VeriFone Systems, Inc. (a)	1,015,000		35,261
Visa, Inc. Class A	2,694,100		345,518
			1,521,891
Semiconductors & Semiconductor Equipment - 6.4%
Altera Corp.	1,020,000		38,077
Applied Micro Circuits Corp. (a)(e)	6,116,938		31,258
ARM Holdings PLC sponsored ADR	1,400,000		38,136
ASML Holding NV	1,143,888		64,939
Atmel Corp. (a)	760,000		4,507
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Broadcom Corp. Class A	4,050,000		$ 143,897
Cree, Inc. (a)(d)(e)	11,615,294		327,551
Cypress Semiconductor Corp. (e)	15,893,240		184,521
Intel Corp.	8,210,000		203,854
KLA-Tencor Corp.	510,000		26,168
Marvell Technology Group Ltd.	1,918,310		19,528
MaxLinear, Inc. Class A (e)	2,354,608		13,445
Mellanox Technologies Ltd. (a)(e)	3,973,424		454,520
NVIDIA Corp. (a)(e)	49,105,384		688,949
Rambus, Inc. (a)(d)(e)	11,457,400		49,038
Samsung Electronics Co. Ltd.	50,000		54,375
Silicon Laboratories, Inc. (a)(e)	4,600,680		175,930
Skyworks Solutions, Inc. (a)	2,725,000		83,004
Texas Instruments, Inc.	3,941,000		114,447
Volterra Semiconductor Corp. (a)(e)	2,573,305		61,322
			2,777,466
Software - 9.5%
Activision Blizzard, Inc.	15,635,776		183,877
Adobe Systems, Inc. (a)	668,236		20,896
Citrix Systems, Inc. (a)	1,454,677		113,014
Electronic Arts, Inc. (a)	300,000		3,999
Fortinet, Inc. (a)	254,600		6,749
Guidewire Software, Inc. (d)	1,525,000		43,539
Intuit, Inc.	685,000		40,100
Jive Software, Inc. (d)	1,830,400		27,621
Microsoft Corp.	13,470,000		415,145
Nuance Communications, Inc. (a)	700,000		16,695
Oracle Corp.	6,855,000		216,961
QLIK Technologies, Inc. (a)(e)	8,181,676		173,042
Red Hat, Inc. (a)(e)	15,418,586		864,058
salesforce.com, Inc. (a)(e)	10,576,594		1,535,510
ServiceNow, Inc. (d)	103,700		3,225
SolarWinds, Inc. (a)	3,196,300		175,413
Solera Holdings, Inc.	1,775,051		73,008
Splunk, Inc.	456,300		15,697
TiVo, Inc. (a)(e)	8,074,576		73,398
VMware, Inc. Class A (a)	1,887,533		168,066
			4,170,013
TOTAL INFORMATION TECHNOLOGY			16,645,273
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - 2.8%
Chemicals - 2.4%
CF Industries Holdings, Inc.	346,785		$ 71,788
Dow Chemical Co.	1,545,000		45,284
E.I. du Pont de Nemours & Co.	3,645,000		181,339
Monsanto Co.	7,499,978		653,323
The Mosaic Co.	1,375,000		79,626
			1,031,360
Metals & Mining - 0.4%
Alcoa, Inc.	1,650,000		14,124
Barrick Gold Corp.	54,000		2,082
Fortescue Metals Group Ltd. (d)	16,422,802		60,064
Freeport-McMoRan Copper & Gold, Inc.	2,600,000		93,886
Mongolian Mining Corp. (a)	25,802,500		11,943
Newmont Mining Corp.	230,000		11,656
Nucor Corp.	200,000		7,530
			201,285
TOTAL MATERIALS			1,232,645
TELECOMMUNICATION SERVICES - 0.9%
Diversified Telecommunication Services - 0.4%
Verizon Communications, Inc.	4,120,000		176,913
Wireless Telecommunication Services - 0.5%
Sprint Nextel Corp. (a)	40,000,000		194,000
TOTAL TELECOMMUNICATION SERVICES			370,913
TOTAL COMMON STOCKS (Cost $28,042,471)		43,446,005
Preferred Stocks - 0.1%

Convertible Preferred Stocks - 0.1%
HEALTH CARE - 0.1%
Biotechnology - 0.0%
Ariosa Diagnostics (g)	827,814		5,000
bluebird bio (g)	9,767,944		4,870
			9,870
Health Care Technology - 0.0%
Castlight Health, Inc. Series D (a)(g)	2,070,648		14,495
Preferred Stocks - continued
	Shares		Value (000s)
Convertible Preferred Stocks - continued
HEALTH CARE - continued
Pharmaceuticals - 0.1%
Agios Pharmaceuticals, Inc. Series C (g)	2,036,659		$ 10,002
Concert Pharmaceuticals, Inc. Series C, 6.00% (a)(g)	4,000,000		7,160
			17,162
TOTAL HEALTH CARE			41,527
Nonconvertible Preferred Stocks - 0.0%
CONSUMER DISCRETIONARY - 0.0%
Automobiles - 0.0%
Volkswagen AG	70,000		12,362
TOTAL PREFERRED STOCKS (Cost $53,762)		53,889
Money Market Funds - 3.4%

Fidelity Cash Central Fund, 0.17% (b)	86,894,516		86,895
Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)	1,386,936,932		1,386,937
TOTAL MONEY MARKET FUNDS (Cost $1,473,832)		1,473,832
TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $29,570,065)			44,973,726
NET OTHER ASSETS (LIABILITIES) - (3.0)%			(1,326,750)
NET ASSETS - 100%		$ 43,646,976

Legend

(a) Non-income producing

(d) Security or a portion of the security is on loan at period end.

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $51,698,000 or 0.1% of net assets.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $90,520,000 or 0.2% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Agios Pharmaceuticals, Inc. Series C	11/16/11	$ 10,002
Ariosa Diagnostics	11/30/11	$ 5,000
bluebird bio	7/23/12	$ 4,867
Castlight Health, Inc. Series D	4/25/12	$ 12,500
Concert Pharmaceuticals, Inc.	2/9/09	$ 151
Concert Pharmaceuticals, Inc. Series C, 6.00%	4/25/08	$ 10,000
Dropbox, Inc.	5/2/12	$ 10,000
Facebook, Inc. Class B	3/31/11 - 5/19/11	$ 43,965
Merrimack Pharmaceuticals, Inc.	3/31/11	$ 10,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 113
Fidelity Securities Lending Cash Central Fund	21,150
Total	$ 21,263

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Acadia Pharmaceuticals, Inc.	$ 2,734	$ -	$ 2,923	$ -	$ -
Alkermes PLC	155,687	46,945	-	-	238,706
Alnylam Pharmaceuticals, Inc.	21,380	11,494	1,206	-	70,002
Amylin Pharmaceuticals, Inc.	155,977	25,669	493,652	-	-
Applied Micro Circuits Corp.	19,240	24,759	-	-	31,258
Array Biopharma, Inc.	8,733	-	5,222	-	-
BJ's Restaurants, Inc.	89,346	-	89,547	-	-
Cepheid, Inc.	210,518	30,080	36,972	-	216,347
Chuys Holdings, Inc.	-	24,366	-	-	31,020
Clovis Oncology, Inc.	8,207	15,100	-	-	24,009
Cree, Inc.	146,571	160,315	-	-	327,551
Cypress Semiconductor Corp.	327,875	-	19,375	5,170	184,521
Elan Corp. PLC sponsored ADR	461,138	-	52,227	-	438,429
Endocyte, Inc.	19,749	-	5,554	-	-
Exelixis, Inc.	59,143	21,178	-	-	76,617
Fifth & Pacific Companies, Inc.	-	77,953	-	-	89,305
Fossil, Inc.	504,221	88,549	47,737	-	500,249
Francescas Holdings Corp.	28,946	50,442	-	-	131,370
Fresh Market, Inc.	92,130	11,345	5,305	-	141,326
Fusion-io, Inc.	175,921	106,148	-	-	256,127
Herbalife Ltd.	561,307	58,610	5,326	9,837	532,300
Home Inns & Hotels Management, Inc. sponsored ADR	113,369	-	18,811	-	63,992
Human Genome Sciences, Inc.	146,243	17,171	296,494	-	-
ICG Group, Inc.	32,503	-	-	-	34,428
ImmunoGen, Inc.	91,441	12,656	-	-	120,070
Immunomedics, Inc.	25,288	-	-	-	25,363
Infinera Corp.	69,850	1,553	-	-	58,636
Insulet Corp.	71,652	-	-	-	80,869
InterMune, Inc.	89,495	-	36,269	-	-
Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Isis Pharmaceuticals, Inc.	$ 73,887	$ 500	$ -	$ -	$ 136,321
JetBlue Airways Corp.	118,182	-	49,719	-	90,331
K12, Inc.	23,971	24,594	-	-	42,311
Lennar Corp. Class A	199,954	47,443	-	1,493	418,349
Lexicon Pharmaceuticals, Inc.	39,495	16,295	-	-	107,915
Lions Gate Entertainment Corp.	51,733	54,688	96,526	-	-
lululemon athletica, Inc.	602,220	-	-	-	789,914
Lumber Liquidators Holdings, Inc.	46,757	-	-	-	128,789
MAP Pharmaceuticals, Inc.	37,692	9,801	-	-	46,414
MaxLinear, Inc. Class A	11,349	-	-	-	-
Mellanox Technologies Ltd.	136,158	5,377	-	-	454,520
Metabolix, Inc.	15,022	-	1,332	-	4,285
Micromet, Inc.	56,424	-	100,315	-	-
NPS Pharmaceuticals, Inc.	41,857	1,606	-	-	57,828
NVIDIA Corp.	647,403	206,334	103,906	-	688,949
Pandora Media, Inc.	26,213	109,344	35,184	-	119,654
Pharmasset, Inc.	974,116	-	967,313	-	-
PrivateBancorp, Inc.	39,048	-	-	122	66,300
QLIK Technologies, Inc.	193,237	35,201	-	-	173,042
Rambus, Inc.	91,430	-	-	-	49,038
Red Hat, Inc.	718,327	48,408	-	-	864,058
Regeneron Pharmaceuticals, Inc.	527,289	12,979	62,080	-	1,252,002
Rigel Pharmaceuticals, Inc.	49,910	753	-	-	61,721
Riverbed Technology, Inc.	367,848	59,959	84,633	-	256,410
salesforce.com, Inc.	1,096,640	161,815	-	-	1,535,510
Seattle Genetics, Inc.	189,210	2,653	-	-	305,280
Silicon Graphics International Corp.	46,214	-	-	-	26,452
Silicon Image, Inc.	32,167	-	34,392	-	-
Silicon Laboratories, Inc.	198,841	-	-	-	175,930
SodaStream International Ltd.	58,487	681	-	-	76,264
SuccessFactors, Inc.	204,934	-	317,976	-	-
TiVo, Inc.	114,851	-	36,268	-	73,398
Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Transition Therapeutics, Inc.	$ 3,545	$ -	$ -	$ -	$ 5,598
Universal Display Corp.	57,334	83,702	-	-	145,167
Vera Bradley, Inc.	93,095	-	86,582	-	-
Volterra Semiconductor Corp.	63,046	-	-	-	61,322
Total	$ 10,936,550	$ 1,666,466	$ 3,092,846	$ 16,622	$ 11,885,567

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 7,021,686	$ 7,021,686	$ -	$ -
Consumer Staples	4,491,192	4,491,192	-	-
Energy	2,004,106	2,004,106	-	-
Financials	2,064,630	2,064,630	-	-
Health Care	6,950,873	6,898,961	10,234	41,678
Industrials	2,718,576	2,718,576	-	-
Information Technology	16,645,273	16,606,665	28,608	10,000
Materials	1,232,645	1,232,645	-	-
Telecommunication Services	370,913	370,913	-	-
Money Market Funds	1,473,832	1,473,832	-	-
Total Investments in Securities:	$ 44,973,726	$ 44,883,206	$ 38,842	$ 51,678

Income Tax Information

At August 31, 2012, the cost of investment securities for income tax purposes was $29,686,581,000. Net unrealized appreciation aggregated $15,287,145,000, of which $17,509,081,000 related to appreciated investment securities and $2,221,936,000 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Growth Strategies Fund

August 31, 2012

1.805759.108

FEG-QTLY-1012

Investments August 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.2%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 23.1%
Automobiles - 1.0%
Harley-Davidson, Inc.	317,900		$ 13,339
Tesla Motors, Inc. (a)	150,000		4,278
			17,617
Hotels, Restaurants & Leisure - 3.3%
Brinker International, Inc.	400,000		13,784
Chipotle Mexican Grill, Inc. (a)	10,000		2,886
International Game Technology	800,000		9,832
Jack in the Box, Inc. (a)	275,000		7,175
Texas Roadhouse, Inc. Class A	450,000		7,727
Wyndham Worldwide Corp.	257,100		13,405
			54,809
Household Durables - 1.3%
Jarden Corp.	225,000		10,874
Tupperware Brands Corp.	210,000		11,231
			22,105
Internet & Catalog Retail - 0.6%
Expedia, Inc.	200,000		10,272
Media - 2.7%
Discovery Communications, Inc. (a)	150,000		8,226
McGraw-Hill Companies, Inc.	445,000		22,774
Virgin Media, Inc. (d)	550,000		15,164
			46,164
Multiline Retail - 0.9%
Dollar Tree, Inc. (a)	325,000		15,655
Specialty Retail - 8.6%
Aarons, Inc. Class A	300,000		8,961
Advance Auto Parts, Inc.	200,000		14,224
Ascena Retail Group, Inc. (a)	450,000		8,910
AutoZone, Inc. (a)	25,000		9,041
Bed Bath & Beyond, Inc. (a)	50,000		3,359
CarMax, Inc. (a)	275,000		8,412
Foot Locker, Inc.	350,000		12,100
Gap, Inc.	398,700		14,281
Guess?, Inc.	250,000		6,515
Limited Brands, Inc.	350,000		17,010
O'Reilly Automotive, Inc. (a)	190,000		16,141
Ross Stores, Inc.	100,000		6,919
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Sally Beauty Holdings, Inc. (a)	250,000		$ 6,875
Urban Outfitters, Inc. (a)	300,000		11,262
			144,010
Textiles, Apparel & Luxury Goods - 4.7%
Deckers Outdoor Corp. (a)(d)	175,000		8,666
PVH Corp.	165,300		15,522
Ralph Lauren Corp.	110,000		17,452
Under Armour, Inc. Class A (sub. vtg.) (a)	150,000		8,732
VF Corp.	125,400		19,146
Wolverine World Wide, Inc.	200,000		9,406
			78,924
TOTAL CONSUMER DISCRETIONARY			389,556
CONSUMER STAPLES - 7.4%
Beverages - 1.9%
Brown-Forman Corp. Class B (non-vtg.)	225,000		14,423
Constellation Brands, Inc. Class A (sub. vtg.) (a)	350,000		11,529
Embotelladora Andina SA ADR	219,500		5,918
			31,870
Food Products - 2.9%
DE Master Blenders 1753 NV (a)	650,000		7,656
Green Mountain Coffee Roasters, Inc. (a)	202,288		4,918
Mead Johnson Nutrition Co. Class A	275,000		20,166
The Hershey Co.	230,000		16,519
			49,259
Personal Products - 1.3%
Avon Products, Inc.	625,000		9,656
Herbalife Ltd.	240,200		11,623
			21,279
Tobacco - 1.3%
Lorillard, Inc.	179,000		22,466
TOTAL CONSUMER STAPLES			124,874
ENERGY - 6.1%
Energy Equipment & Services - 4.1%
Cameron International Corp. (a)	354,100		19,373
Dresser-Rand Group, Inc. (a)	262,400		13,283
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Energy Equipment & Services - continued
FMC Technologies, Inc. (a)	400,000		$ 18,736
Helmerich & Payne, Inc.	200,000		9,128
Rowan Companies PLC (a)	250,000		8,795
			69,315
Oil, Gas & Consumable Fuels - 2.0%
Cabot Oil & Gas Corp.	385,000		15,943
Pioneer Natural Resources Co.	185,000		18,012
			33,955
TOTAL ENERGY			103,270
FINANCIALS - 6.4%
Capital Markets - 1.2%
Affiliated Managers Group, Inc. (a)	92,300		10,856
FXCM, Inc. Class A	267,300		2,342
TD Ameritrade Holding Corp.	400,000		6,844
			20,042
Diversified Financial Services - 1.3%
MSCI, Inc. Class A (a)	375,000		13,155
The NASDAQ Stock Market, Inc.	375,000		8,576
			21,731
Insurance - 0.5%
Aon PLC	163,000		8,469
Real Estate Investment Trusts - 2.2%
CBL & Associates Properties, Inc.	400,000		8,548
Digital Realty Trust, Inc.	200,000		14,902
Rayonier, Inc.	275,000		13,472
			36,922
Real Estate Management & Development - 0.6%
Altisource Portfolio Solutions SA (a)	130,000		10,958
Thrifts & Mortgage Finance - 0.6%
Ocwen Financial Corp. (a)	400,000		10,292
TOTAL FINANCIALS			108,414
HEALTH CARE - 15.1%
Biotechnology - 3.2%
Alexion Pharmaceuticals, Inc. (a)	101,700		10,903
ARIAD Pharmaceuticals, Inc. (a)	231,100		4,751
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
BioMarin Pharmaceutical, Inc. (a)	200,000		$ 7,468
InterMune, Inc. (a)	159,600		1,176
Onyx Pharmaceuticals, Inc. (a)	75,000		5,394
Theravance, Inc. (a)	76,791		2,048
Threshold Pharmaceuticals, Inc. (a)(d)	232,000		2,044
United Therapeutics Corp. (a)	90,000		4,871
Vertex Pharmaceuticals, Inc. (a)	275,000		14,666
			53,321
Health Care Equipment & Supplies - 2.6%
C.R. Bard, Inc.	170,000		16,679
Edwards Lifesciences Corp. (a)	45,000		4,595
The Cooper Companies, Inc.	120,000		10,062
Varian Medical Systems, Inc. (a)	225,000		13,228
			44,564
Health Care Providers & Services - 6.4%
Aetna, Inc.	175,000		6,722
AmerisourceBergen Corp.	513,100		19,765
Catamaran Corp. (a)	115,000		9,982
DaVita, Inc. (a)	115,000		11,186
HCA Holdings, Inc.	350,000		9,993
Henry Schein, Inc. (a)	110,000		8,449
Laboratory Corp. of America Holdings (a)	230,000		20,229
MEDNAX, Inc. (a)	125,000		8,660
Universal Health Services, Inc. Class B	165,035		6,593
Wellcare Health Plans, Inc. (a)	110,500		6,264
			107,843
Health Care Technology - 0.3%
Cerner Corp. (a)	60,000		4,388
Life Sciences Tools & Services - 0.7%
Waters Corp. (a)	155,000		12,429
Pharmaceuticals - 1.9%
Elan Corp. PLC sponsored ADR (a)	200,000		2,272
Salix Pharmaceuticals Ltd. (a)	100,000		4,396
Shire PLC sponsored ADR	50,000		4,527
ViroPharma, Inc. (a)	87,920		2,339
Watson Pharmaceuticals, Inc. (a)	225,000		18,304
			31,838
TOTAL HEALTH CARE			254,383
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - 12.7%
Aerospace & Defense - 1.7%
Esterline Technologies Corp. (a)	92,300		$ 5,520
Textron, Inc.	275,000		7,348
TransDigm Group, Inc. (a)	113,400		15,720
			28,588
Building Products - 0.4%
Owens Corning (a)	225,000		7,506
Commercial Services & Supplies - 0.8%
Stericycle, Inc. (a)	150,000		13,728
Construction & Engineering - 0.4%
Quanta Services, Inc. (a)	250,000		6,000
Electrical Equipment - 2.8%
AMETEK, Inc.	500,000		17,155
Hubbell, Inc. Class B	142,000		11,476
Roper Industries, Inc.	175,000		17,988
			46,619
Machinery - 2.6%
Donaldson Co., Inc.	200,000		7,058
Ingersoll-Rand PLC	360,000		16,834
Parker Hannifin Corp.	135,000		10,797
Valmont Industries, Inc.	70,000		8,873
			43,562
Professional Services - 1.7%
Equifax, Inc.	275,000		12,590
IHS, Inc. Class A (a)	140,000		15,966
			28,556
Road & Rail - 0.7%
J.B. Hunt Transport Services, Inc.	235,000		12,323
Trading Companies & Distributors - 1.6%
Brenntag AG	70,000		8,342
W.W. Grainger, Inc.	90,000		18,536
			26,878
TOTAL INDUSTRIALS			213,760
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - 17.9%
Communications Equipment - 0.7%
Acme Packet, Inc. (a)(d)	325,000		$ 6,204
Polycom, Inc. (a)	600,000		6,252
			12,456
Computers & Peripherals - 1.6%
NCR Corp. (a)	650,000		14,554
NetApp, Inc. (a)	350,000		12,082
			26,636
Electronic Equipment & Components - 1.2%
Amphenol Corp. Class A	317,000		19,296
Internet Software & Services - 1.2%
Akamai Technologies, Inc. (a)	300,000		11,253
VeriSign, Inc. (a)	200,000		9,536
			20,789
IT Services - 4.3%
Amdocs Ltd.	375,000		12,090
ExlService Holdings, Inc. (a)	63,637		1,640
Fiserv, Inc. (a)	250,000		17,828
Global Payments, Inc.	275,000		11,454
The Western Union Co.	1,100,000		19,371
Total System Services, Inc.	450,000		10,431
			72,814
Semiconductors & Semiconductor Equipment - 2.3%
Altera Corp.	475,000		17,732
ASML Holding NV	100,000		5,677
Cree, Inc. (a)	300,000		8,460
KLA-Tencor Corp.	116,444		5,975
			37,844
Software - 6.6%
Adobe Systems, Inc. (a)	200,000		6,254
Autodesk, Inc. (a)	450,000		13,973
BMC Software, Inc. (a)	331,361		13,718
Check Point Software Technologies Ltd. (a)	175,000		8,066
Citrix Systems, Inc. (a)	250,000		19,423
Comverse Technology, Inc. (a)	665,765		3,995
Intuit, Inc.	375,000		21,953
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
Nuance Communications, Inc. (a)	586,822		$ 13,996
Synopsys, Inc. (a)	300,000		9,909
			111,287
TOTAL INFORMATION TECHNOLOGY			301,122
MATERIALS - 6.4%
Chemicals - 5.4%
Airgas, Inc.	110,000		9,138
Albemarle Corp.	175,000		9,578
Eastman Chemical Co.	250,000		13,815
FMC Corp.	243,300		13,216
Sherwin-Williams Co.	130,000		18,600
Sigma Aldrich Corp.	206,200		14,646
W.R. Grace & Co. (a)	200,000		11,552
			90,545
Containers & Packaging - 1.0%
Rock-Tenn Co. Class A	100,000		6,677
Silgan Holdings, Inc.	250,000		10,483
			17,160
TOTAL MATERIALS			107,705
TELECOMMUNICATION SERVICES - 1.1%
Wireless Telecommunication Services - 1.1%
SBA Communications Corp. Class A (a)	300,000		17,934
TOTAL COMMON STOCKS (Cost $1,549,498)		1,621,018
Money Market Funds - 5.2%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.17% (b)	65,353,131		$ 65,353
Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)	22,792,586		22,793
TOTAL MONEY MARKET FUNDS (Cost $88,146)		88,146
TOTAL INVESTMENT PORTFOLIO - 101.4% (Cost $1,637,644)			1,709,164
NET OTHER ASSETS (LIABILITIES) - (1.4)%			(24,416)
NET ASSETS - 100%		$ 1,684,748

Legend

(a) Non-income producing

(d) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 60
Fidelity Securities Lending Cash Central Fund	394
Total	$ 454

Other Affiliated Issuers

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Heckmann Corp.	$ 35,998	$ 21,862	$ 37,859	$ -	$ -
Magma Design Automation, Inc.	25,662	-	31,859	-	-
Origin Agritech Ltd.	6,489	-	6,442	-	-
Ultrapetrol (Bahamas) Ltd.	8,005	-	5,613	-	-
Total	$ 76,154	$ 21,862	$ 81,773	$ -	$ -

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At August 31, 2012, the cost of investment securities for income tax purposes was $1,642,581,000. Net unrealized appreciation aggregated $66,583,000, of which $125,834,000 related to appreciated investment securities and $59,251,000 related to depreciated investment securities.

Investment Valuation

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® New Millennium Fund

August 31, 2012

1.805750.108

NMF-QTLY-1012

Investments August 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 10.5%
Automobiles - 0.3%
Tesla Motors, Inc. (a)	179,500		$ 5,119
Distributors - 0.3%
Pool Corp.	172,300		6,787
Hotels, Restaurants & Leisure - 0.9%
Arcos Dorados Holdings, Inc.	279,800		3,696
Bravo Brio Restaurant Group, Inc. (a)	276,800		4,476
Jubilant Foodworks Ltd. (a)	232,999		4,889
Texas Roadhouse, Inc. Class A	250,000		4,293
			17,354
Household Durables - 1.1%
D.R. Horton, Inc.	488,100		9,269
Toll Brothers, Inc. (a)	216,500		7,084
Tupperware Brands Corp.	107,200		5,733
			22,086
Internet & Catalog Retail - 0.2%
Rakuten, Inc.	477,800		4,619
Leisure Equipment & Products - 0.9%
Amer Group PLC (A Shares)	250,000		3,042
Brunswick Corp.	270,542		6,409
New Academy Holding Co. LLC unit (g)(h)	66,000		7,773
			17,224
Media - 4.0%
Comcast Corp. Class A	998,000		33,463
Legend Pictures LLC (a)(g)(h)	697		745
The Walt Disney Co.	437,500		21,643
Time Warner, Inc.	348,700		14,488
Viacom, Inc. Class B (non-vtg.)	206,400		10,322
			80,661
Multiline Retail - 0.9%
Dollar General Corp. (a)	110,000		5,618
Target Corp.	203,700		13,055
			18,673
Specialty Retail - 1.9%
Lithia Motors, Inc. Class A (sub. vtg.)	213,800		6,245
Lowe's Companies, Inc.	494,200		14,075
MarineMax, Inc. (a)	548,082		3,952
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
PT ACE Hardware Indonesia Tbk	5,205,000		$ 3,112
Sally Beauty Holdings, Inc. (a)	418,500		11,509
			38,893
TOTAL CONSUMER DISCRETIONARY			211,416
CONSUMER STAPLES - 10.3%
Beverages - 2.0%
Beam, Inc.	360,300		21,027
Brown-Forman Corp. Class B (non-vtg.)	117,000		7,500
Constellation Brands, Inc. Class A (sub. vtg.) (a)	230,800		7,603
Monster Beverage Corp. (a)	74,300		4,378
			40,508
Food & Staples Retailing - 2.7%
CVS Caremark Corp.	327,100		14,899
Wal-Mart Stores, Inc.	411,800		29,897
Whole Foods Market, Inc.	101,600		9,830
			54,626
Food Products - 1.7%
Green Mountain Coffee Roasters, Inc. (a)(d)	474,592		11,537
Kraft Foods, Inc. Class A	389,300		16,168
The Hershey Co.	75,000		5,387
			33,092
Household Products - 1.6%
Church & Dwight Co., Inc.	140,000		7,664
Colgate-Palmolive Co.	192,000		20,412
LG Household & Health Care Ltd.	8,117		4,453
			32,529
Personal Products - 0.5%
Nu Skin Enterprises, Inc. Class A	139,500		5,788
Prestige Brands Holdings, Inc. (a)	300,000		4,818
			10,606
Tobacco - 1.8%
Altria Group, Inc.	566,000		19,221
British American Tobacco PLC sponsored ADR	148,700		15,575
			34,796
TOTAL CONSUMER STAPLES			206,157
Common Stocks - continued
	Shares		Value (000s)
ENERGY - 9.7%
Energy Equipment & Services - 0.7%
Diamond Offshore Drilling, Inc. (d)	116,000		$ 7,774
Helmerich & Payne, Inc.	115,000		5,249
			13,023
Oil, Gas & Consumable Fuels - 9.0%
Anadarko Petroleum Corp.	185,800		12,870
Cabot Oil & Gas Corp.	202,400		8,381
Chevron Corp.	186,200		20,884
Concho Resources, Inc. (a)	47,800		4,290
EOG Resources, Inc.	65,700		7,115
EV Energy Partners LP	170,100		10,677
Exxon Mobil Corp.	1,075,977		93,932
HollyFrontier Corp.	150,000		6,044
Noble Energy, Inc.	54,800		4,817
Plains Exploration & Production Co. (a)	168,700		6,633
Southwestern Energy Co. (a)	188,200		5,859
			181,502
TOTAL ENERGY			194,525
FINANCIALS - 13.0%
Capital Markets - 0.4%
ICAP PLC	898,000		4,530
Manning & Napier, Inc.	285,217		3,391
			7,921
Commercial Banks - 6.0%
Alliance Financial Corp. (e)	266,726		9,781
Bank of the Ozarks, Inc.	166,700		5,351
First Niagara Financial Group, Inc.	1,155,900		9,120
First Republic Bank	163,900		5,358
FirstMerit Corp.	432,300		6,783
U.S. Bancorp	555,000		18,543
Webster Financial Corp.	248,800		5,294
Wells Fargo & Co.	1,615,500		54,975
West Coast Bancorp (a)	275,000		5,478
			120,683
Diversified Financial Services - 1.8%
JPMorgan Chase & Co.	539,000		20,018
KKR Financial Holdings LLC	1,819,000		16,426
			36,444
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - 2.1%
American International Group, Inc. (a)	254,500		$ 8,737
Arch Capital Group Ltd. (a)	248,700		9,926
Fairfax Financial Holdings Ltd. (sub. vtg.)	15,300		5,761
Fidelity National Financial, Inc. Class A	315,000		5,935
The Chubb Corp.	162,300		11,992
			42,351
Real Estate Investment Trusts - 1.7%
American Capital Agency Corp.	223,600		7,790
MFA Financial, Inc.	654,700		5,362
Public Storage	50,000		7,278
Two Harbors Investment Corp.	1,186,800		13,755
			34,185
Thrifts & Mortgage Finance - 1.0%
MGIC Investment Corp. (a)(d)	1,423,000		1,679
Ocwen Financial Corp. (a)	424,900		10,933
Radian Group, Inc. (d)	1,769,923		5,947
			18,559
TOTAL FINANCIALS			260,143
HEALTH CARE - 19.2%
Biotechnology - 4.7%
Alexion Pharmaceuticals, Inc. (a)	90,100		9,660
Alkermes PLC (a)	74,500		1,367
Amgen, Inc.	176,480		14,810
ARIAD Pharmaceuticals, Inc. (a)	329,700		6,779
AVEO Pharmaceuticals, Inc. (a)	143,800		1,379
BioMarin Pharmaceutical, Inc. (a)	274,000		10,231
Clovis Oncology, Inc. (d)	206,300		3,608
Dynavax Technologies Corp. (a)	1,099,242		4,298
Infinity Pharmaceuticals, Inc. (a)	325,000		5,902
Isis Pharmaceuticals, Inc. (a)	234,400		3,190
Merrimack Pharmaceuticals, Inc. (d)	57,300		456
Neurocrine Biosciences, Inc. (a)	833,570		6,152
Novavax, Inc. (a)	2,324,700		4,742
Synageva BioPharma Corp. (a)	199,200		9,952
Theravance, Inc. (a)	333,100		8,884
ZIOPHARM Oncology, Inc. (a)(d)	583,400		2,899
			94,309
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - 2.0%
Covidien PLC	211,200		$ 11,838
HeartWare International, Inc. CDI (a)	9,041,641		23,167
Mako Surgical Corp. (a)(d)	219,326		3,614
Volcano Corp. (a)	100,000		2,828
			41,447
Health Care Providers & Services - 4.4%
Air Methods Corp. (a)	68,100		7,936
Brookdale Senior Living, Inc. (a)	348,900		7,582
Capital Senior Living Corp. (a)	583,800		7,023
Corvel Corp. (a)	100,000		4,380
Emeritus Corp. (a)	200,915		4,022
Health Net, Inc. (a)	212,000		4,929
Henry Schein, Inc. (a)	77,600		5,960
HMS Holdings Corp. (a)	187,000		6,444
MWI Veterinary Supply, Inc. (a)	28,278		2,851
Qualicorp SA (a)	441,000		4,334
Quest Diagnostics, Inc.	94,300		5,702
UnitedHealth Group, Inc.	344,700		18,717
WellPoint, Inc.	131,800		7,891
			87,771
Health Care Technology - 0.3%
HealthStream, Inc. (a)	200,000		5,684
Life Sciences Tools & Services - 0.7%
Eurofins Scientific SA	42,000		5,468
Illumina, Inc. (a)(d)	219,200		9,224
			14,692
Pharmaceuticals - 7.1%
Eli Lilly & Co.	424,700		19,073
GlaxoSmithKline PLC	608,000		13,781
Impax Laboratories, Inc. (a)	277,800		6,576
Merck & Co., Inc.	712,700		30,682
Optimer Pharmaceuticals, Inc. (a)	325,900		4,898
Perrigo Co.	69,500		7,643
Pfizer, Inc.	1,618,600		38,620
Shire PLC sponsored ADR	110,700		10,023
ViroPharma, Inc. (a)	429,000		11,411
			142,707
TOTAL HEALTH CARE			386,610
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - 9.0%
Aerospace & Defense - 2.6%
Precision Castparts Corp.	53,300		$ 8,586
Raytheon Co.	249,600		14,107
Textron, Inc.	440,400		11,767
TransDigm Group, Inc. (a)	124,200		17,217
			51,677
Air Freight & Logistics - 1.2%
C.H. Robinson Worldwide, Inc.	86,700		4,908
Hub Group, Inc. Class A (a)	129,016		3,883
United Parcel Service, Inc. Class B	212,100		15,655
			24,446
Building Products - 0.8%
Lennox International, Inc.	86,300		4,100
Owens Corning (a)	215,400		7,186
Universal Forest Products, Inc.	117,700		4,523
			15,809
Commercial Services & Supplies - 0.9%
Clean Harbors, Inc. (a)	160,200		8,713
Interface, Inc.	381,300		5,235
The Geo Group, Inc.	191,100		5,028
			18,976
Machinery - 0.5%
Fanuc Corp.	59,600		9,793
Professional Services - 2.2%
Acacia Research Corp. (h)	319,000		8,402
Acacia Research Corp. - Acacia Technologies (a)	266,208		7,012
Advisory Board Co. (a)	115,500		5,120
Bureau Veritas SA	60,000		5,536
IHS, Inc. Class A (a)	62,000		7,070
Kforce, Inc. (a)	314,200		3,682
Michael Page International PLC	860,311		4,951
Robert Half International, Inc.	140,600		3,698
			45,471
Road & Rail - 0.6%
J.B. Hunt Transport Services, Inc.	60,000		3,146
Kansas City Southern	107,900		8,344
			11,490
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Trading Companies & Distributors - 0.2%
Rush Enterprises, Inc. Class A (a)	200,300		$ 3,413
TOTAL INDUSTRIALS			181,075
INFORMATION TECHNOLOGY - 18.0%
Communications Equipment - 0.5%
Brocade Communications Systems, Inc. (a)	974,600		5,653
Palo Alto Networks, Inc.	59,800		3,850
			9,503
Computers & Peripherals - 2.2%
Apple, Inc.	65,200		43,374
Electronic Equipment & Components - 0.4%
Measurement Specialties, Inc. (a)	259,400		8,425
Internet Software & Services - 4.8%
Akamai Technologies, Inc. (a)	204,900		7,686
Blinkx PLC (a)(d)	5,765,200		4,211
Cornerstone OnDemand, Inc. (a)	426,500		11,434
Demandware, Inc. (d)	146,800		3,817
Google, Inc. Class A (a)	64,300		44,051
Open Text Corp. (a)(d)	70,600		3,795
SciQuest, Inc. (a)	272,700		4,595
Stamps.com, Inc. (a)	230,000		5,092
VeriSign, Inc. (a)	243,000		11,586
			96,267
IT Services - 4.8%
Cardtronics, Inc. (a)	126,800		3,582
Cognizant Technology Solutions Corp. Class A (a)	172,600		11,095
Fidelity National Information Services, Inc.	192,000		6,048
IBM Corp.	256,600		49,999
MasterCard, Inc. Class A	29,300		12,391
Paychex, Inc.	200,000		6,652
Teradata Corp. (a)	100,000		7,638
			97,405
Semiconductors & Semiconductor Equipment - 0.5%
Samsung Electronics Co. Ltd.	9,720		10,571
Software - 4.8%
Aspen Technology, Inc. (a)	260,300		6,346
Callidus Software, Inc. (a)(d)	701,300		3,135
Check Point Software Technologies Ltd. (a)	86,200		3,973
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
Citrix Systems, Inc. (a)	104,400		$ 8,111
Concur Technologies, Inc. (a)	143,600		10,397
Imperva, Inc.	167,700		5,080
Kenexa Corp. (a)	195,434		8,959
MICROS Systems, Inc. (a)	76,500		3,875
NICE Systems Ltd. sponsored ADR (a)	126,900		3,969
Nuance Communications, Inc. (a)	316,800		7,556
Red Hat, Inc. (a)	153,000		8,574
ServiceNow, Inc. (d)	268,200		8,341
TIBCO Software, Inc. (a)	276,600		8,276
Trion World Network, Inc. warrants 8/10/17 (a)(h)	28,652		0*
VMware, Inc. Class A (a)	102,300		9,109
			95,701
TOTAL INFORMATION TECHNOLOGY			361,246
MATERIALS - 0.3%
Metals & Mining - 0.3%
Harry Winston Diamond Corp. (a)	225,000		2,830
Turquoise Hill Resources Ltd. (a)	468,374		3,763
			6,593
TELECOMMUNICATION SERVICES - 2.6%
Diversified Telecommunication Services - 2.0%
AT&T, Inc.	1,100,000		40,304
Wireless Telecommunication Services - 0.6%
Vodafone Group PLC sponsored ADR	382,200		11,053
TOTAL TELECOMMUNICATION SERVICES			51,357
UTILITIES - 4.6%
Electric Utilities - 3.6%
Duke Energy Corp.	238,333		15,439
Edison International	178,400		7,812
FirstEnergy Corp.	232,900		10,178
NextEra Energy, Inc.	243,300		16,377
PPL Corp.	254,200		7,456
Southern Co.	348,900		15,816
			73,078
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Multi-Utilities - 1.0%
Alliant Energy Corp.	124,200		$ 5,475
TECO Energy, Inc.	554,500		9,626
YTL Corp. Bhd	6,726,016		3,899
			19,000
TOTAL UTILITIES			92,078
TOTAL COMMON STOCKS (Cost $1,607,280)		1,951,200
Convertible Preferred Stocks - 0.2%

CONSUMER DISCRETIONARY - 0.0%
Media - 0.0%
Glam Media, Inc. Series M-1:
8.00%	128,191		655
8.00%	9,156		47
8.00%	9,157		47
			749
INFORMATION TECHNOLOGY - 0.2%
Software - 0.2%
Trion World Network, Inc.:
Series C, 8.00% (a)(h)	910,747		3,898
Series C-1, 8.00% (a)(h)	71,630		307
			4,205
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $8,072)		4,954

Corporate Bonds - 0.1%
	Principal Amount (000s)
Convertible Bonds - 0.1%
MATERIALS - 0.1%
Metals & Mining - 0.1%
Ivanplats Ltd. 8% 11/10/14 pay-in-kind (f)(h)	$ 1,193		1,237
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Nonconvertible Bonds - 0.0%
CONSUMER DISCRETIONARY - 0.0%
Media - 0.0%
Glam Media, Inc.:
9% 11/18/13	$ 20		$ 20
9% 11/18/13	20		20
9% 12/2/13	281		281
			321
TOTAL CORPORATE BONDS (Cost $1,558)		1,558

Money Market Funds - 4.6%
	Shares
Fidelity Cash Central Fund, 0.17% (b)	45,337,429		45,337
Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)	47,904,709		47,905
TOTAL MONEY MARKET FUNDS (Cost $93,242)		93,242
TOTAL INVESTMENT PORTFOLIO - 102.1% (Cost $1,710,152)			2,050,954
NET OTHER ASSETS (LIABILITIES) - (2.1)%			(43,162)
NET ASSETS - 100%		$ 2,007,792

Legend

(a) Non-income producing

(d) Security or a portion of the security is on loan at period end.

(e) Affiliated company

(f) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(g) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes which is owned by the Fund.

(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $22,362,000 or 1.1% of net assets.

* Amount represents less than $1,000

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Acacia Research Corp.	2/16/12	$ 11,723
Ivanplats Ltd. 8% 11/10/14 pay-in-kind	3/28/12	$ 1,237
Legend Pictures LLC	9/23/10	$ 523
New Academy Holding Co. LLC unit	8/1/11	$ 6,956
Trion World Network, Inc. warrants 8/10/17	8/10/10	$ 0
Series C, 8.00%	8/22/08	$ 5,001
Series C-1, 8.00%	8/10/10	$ 393

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 76
Fidelity Securities Lending Cash Central Fund	257
Total	$ 333

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Alliance Financial Corp.	$ 7,721	$ 214	$ -	$ 242	$ 9,781
Total	$ 7,721	$ 214	$ -	$ 242	$ 9,781

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 212,165	$ 198,279	$ 4,619	$ 9,267
Consumer Staples	206,157	206,157	-	-
Energy	194,525	194,525	-	-
Financials	260,143	260,143	-	-
Health Care	386,610	372,829	13,781	-
Industrials	181,075	171,282	9,793	-
Information Technology	365,451	361,246	-	4,205
Materials	6,593	6,593	-	-
Telecommunication Services	51,357	51,357	-	-
Utilities	92,078	88,179	3,899	-
Corporate Bonds	1,558	-	-	1,558
Money Market Funds	93,242	93,242	-	-
Total Investments in Securities:	$ 2,050,954	$ 2,003,832	$ 32,092	$ 15,030

Income Tax Information

At August 31, 2012, the cost of investment securities for income tax purposes was $1,716,316,000. Net unrealized appreciation aggregated $334,638,000, of which $391,963,000 related to appreciated investment securities and $57,325,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendor or broker to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices and are generally categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Quarterly Report

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Mt. Vernon Street Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Mt. Vernon Street Trust

By:	/s/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	October 30, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	October 30, 2012

By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	October 30, 2012